Here are the 2014 Q1 statistics for ultra-luxury ($3M+) homes in Chicago along with the ultra-luxury homes for sale. Schedule a showing online!
The number of Chicago homes that sold for $3 million or higher was up 166.7% in the first quarter.* 16 such homes sold compared to 6 a year earlier. In March I wrote about how the fourth quarter sales of ultra-luxury homes were up 1/3 from a year earlier.
The quarterly inventory of Chicago ultra-luxury homes for sale was fairly flat in the 1st quarter. There were 129 ultra-luxury homes for sale down 0.8% from 1st quarter 2013 when there were 130 such homes for sale. There was 1 distressed home for sale (short sales and foreclosures). The inventory is down 15% from 2011.
The average sale price as a percent of original sale price for homes with no price changes was 92.0% up from 88.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 81.7% up from 80.3%. Pending sales were down 5.3%.
Chicago Luxury Homes For Sale
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS
Rising sales and rising average sale price as a percent of origninal sales price indicate that you need to be ready to buy when you find a home you want. Most of you will be paying cash, so get a proof of funds letter from your accountant or banker ready to go. If you will be financing your purchase, get your mortgage pre-approval. Contact me for recommended mortgage consultants or to get started.
WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME SELLERS
If your home is priced right when it goes on market, it should sell in less than 5 months. The average days on market was 139 days, down 68% from a year ago. Some ultra-luxury buyers finance their purchase or require that the home appraise for sale price or higher. In this price range financing will require 2 appraisals. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales, so don’t get too optimistic with pricing. If you’re considering selling your home, contact me for a free market analysis.
CHICAGO ULTRA-LUXURY HOMES FOR SALE
Click below to see Chicago ultra-luxury homes for sale by price range.
|$5M+||$4M - $5M||$3M - $4M|
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*Information is based on data from Midwest Real Estate Data (MRED).